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SentBe Enters the Global $5.9B Digital Overseas Remittance Market
By 2031, the digital overseas remittance market, expected to grow annually by 22%, will likely reach $45.2 billion. In this burgeoning market, SentBe, led by CEO Alex Seong-Ouk Choi, has announced its definitive entry.
Following the June introduction of the API-based B2B payment solution ‘SentBiz KRW Collection’, supporting seamless international business payments for foreign enterprises requiring Korean Won collection and multi-currency settlements, SentBe is poised to expand its personal small-scale overseas remittance service regionally on a global scale.
Recent studies by global market research platform Business Research have forecast the digital overseas remittance market, worth $5.9 billion in 2022, to grow at a 22% annual rate, reaching $45.2 billion by 2031.
The rise in migrant workers and the increasing prevalence of easy and quick remittance options, compared to traditional banking services, are accelerating this growth.
In response, SentBe is intensifying its direct global market entry, capitalizing on its competitive edge in digital overseas remittance services. Having established a corporation in Singapore, Asia’s forex financial hub, SentBe is bolstering its competitiveness in providing overseas remittance and payment services, utilizing its efficiency, ease of use, and customer accessibility.
SentBe’s remittance services are well-recognized for their low fees, rapid processing, 24/7 availability, and recipient-friendly options.
Established in 2015, SentBe strives toward its mission of “A World Without Financial Borders,” developing a broad global partnership network and building a business infrastructure aligned with global standards.
SentBe showcases both the individual small-scale overseas remittance service ‘SentBe’ and the business-focused overseas remittance and payment solution ‘SentBiz’.
Particularly noteworthy, SentBe initiated its C2C service in 2016, focusing initially on migrant workers within Korea. This service was distinguished by its safety, convenience, and competitively low fees.
Following its domestic success, SentBe expanded this service across various Asian countries, including Singapore and Indonesia, based on its strong performance and positive reception. As SentBe prepares for its entry into the global market, the C2C service is set to broaden significantly.
This expansion will cater not only to migrant workers and Korean expatriates within the countries where the service is offered but also to students and other long-term residents from Korea, effectively making SentBes services accessible to a global audience.
Currently, SentBe’s C2C service supports remittances to over 50 countries globally, including the United States, Thailand, the Philippines, and Malaysia, with the capability to complete transactions within a single day. Offering remittance fees that are up to 90% lower compared to conventional banks, this service has become increasingly popular among migrant workers in Korea and across Asia.
According to SentBe’s 2023 Business Impact Report, from 2016 to 2023, migrant workers using the C2C service have saved a total of $264 million in fees. Notably, 71% of these transactions have been remittances sent back to Southeast Asia, indicating that the savings on fees significantly boosted the amount of money workers could send home.
Looking forward, SentBe is committed to further refining the remittance process, drawing on its comprehensive understanding of the remittance needs and experiences of migrant workers from Asia, including those in Korea, Indonesia, and Singapore.
Additionally, SentBe is significantly enhancing cost reduction and operational efficiency for both domestic and international companies through its proprietary API settlement solution, ‘SentBiz’.
This service offers tailored financial solutions to global corporations that require local settlements in individual countries. From 2020 to 2023, companies utilizing SentBiz have realized a total of $76 million in fee savings.
The recently launched SentBiz KRW Collection, for instance, provides a comprehensive one-stop service for international money transfer operators (MTOs), payment gateway (PG) providers, and global e-commerce platforms that need to collect Korean Won within the Korean market.
This service simplifies complex financial processes by offering features such as multi-currency settlements in 31 global currencies across 174 countries, enabling payment without the need for currency exchange through the use of secure virtual accounts
CEO Alex Seong-Ouk Choi of SentBe said, ‘We are continually researching the affordability, accessibility, and inclusiveness of SentBe’s offerings, as evidenced by our 2023 Business Impact Report.
Notably, 68% of transactions through our personal small-scale overseas remittance service occurred outside of traditional banking hours, and it was found that approximately 80% of transactions from our B2B client’s single requests consisted of multiple transactions, which were often processed on the same day.
For corporate clients, eliminating the need to visit a bank not only enhanced accessibility but also significantly improved their operational efficiency.
Although usage patterns vary among customers, 92% of all transactions across these services were completed within 24 hours of the request, and 90% of transactions over weekends were completed within one day.
The reason both individual and corporate clients are highly satisfied with SentBe’s services is that they offer the convenience of handling multiple transactions swiftly and outside of regular banking hours, which is not possible with traditional financial institutions.'”
CEO Choi added, “The widespread adoption of our online remittance services by both individuals and businesses has significantly contributed to the rapid growth of the digital overseas remittance market.
“As SentBe continues to expand internationally, leveraging our innovative solutions, unique business infrastructure, and secure management capabilities, we aim to be recognized as a leading cross-border payment solution company in the global fintech payment/remittance sector”.
Meanwhile, SentBe continues to drive sustainable growth and expand its geographical and service reach in the global market, based on its achievements in Korea and Asia.
It operates a dedicated in-house Legal & Compliance Division, comprising domestic and international financial legal experts, ensuring compliance with global laws and managing foreign exchange risks.
With over 80 global partnerships, SentBe maintains an information security system and safety standards that meet global criteria.
Moreover, SentBe is the first and only Korean fintech firm to have acquired a Singapore Cross-border Money Transfer Service License from the Monetary Authority of Singapore (MAS) in 2020, solidifying its robust legal foundation for handling international remittance and payment transactions.
News
Airtel Africa Foundation Unveils ‘Airtel Africa Fellowship Program’ to Empower Students at IIT Madras Zanzibar
The Airtel Africa Foundation has announced the launch of the prestigious ‘Airtel Africa Fellowship Program’ for the undergraduate students at IIT Madras Zanzibar, the first-ever foreign campus established by an IIT.
The Fellowship aims to support deserving students from diverse socio-economic backgrounds enrolled in the Bachelor of Science in Data Science and Artificial Intelligence at the Indian Institute of Technology Madras (IITM) in Zanzibar. Starting with an outlay of US$500,000, this program will benefit 10 undergraduate students, for their entire course duration of 4 years.
Founded in 2024 with a vision to foster a prosperous Africa, the Airtel Africa Foundation is dedicated to advancing digital and financial inclusion across the continent along with key focus on education and environmental protection.
This Fellowship is the maiden initiative undertaken to enhance educational opportunities for meritorious students, especially from disadvantaged backgrounds, enrolled at IIT M Zanzibar.
It is designed to support students from 14 African countries, which are namely Nigeria, Kenya, Malawi, Uganda, Zambia, Tanzania, Rwanda, DRC, Niger, Chad, Congo B, Gabon, Madagascar and Seychelles.
Recipients of this scholarship will be known as ‘Airtel Africa Fellows’. They will receive 100% of their college fees i.e. US$12,000 as per the course fee structure of the Institute for a 4-year program.
Additionally, to cover the living expense cost, US$500 will be given to all eligible students. This initiative will aspire to transform, shape lives and nurture future leaders who will contribute to technological innovation and economic growth of Africa.
Commenting on the fellowship scheme, Zanzibar’s Minister of Education and Vocational Training, H.E. Ms Lela Mohamed Mussa said, “IITM Zanzibar is charting a wonderful path in technical education in the region.
Providing access to this high quality education to students from Tanzania and the rest of the continent, who are topping the IITM Zanzibar screening and test processes, through financial assistance, is an important priority for us. We are thankful to this support from Airtel Africa Foundation, which will enhance our own efforts in this direction.”
Dr. Olusegun Ogunsanya, the Chairman of the Airtel Africa Foundation, said, “We are pleased to partner with IIT Madras Zanzibar to provide opportunities for young Africans to access quality education.
“This initiative aims to contribute towards creating a prosperous and sustainable continent. We look forward to creating even more opportunities not just in education, but also in financial and digital inclusion, and environmental protection”.
The Director of IIT Madras, Prof. V. Kamakoti said, “IIT Madras is committed to establishing a world class campus in Zanzibar. We are delighted that Airtel Africa Foundation is joining hands with us in this effort.
“We look forward to welcoming the second cohort of bright young students to the IITM Zanzibar campus this year. We are immensely grateful to Airtel Africa Foundation for providing financial assistance for these future global leaders.”
News
AMMBAN Berates CAC Over Plans to Enforce POS Operators’ Registration
Association of Mobile Money and Bank Agents of Nigeria (AMMBAN) has berated the Corporate Affairs Commission (CAC) over its move to enforce the directive that point of sale (POS) terminal operators should register with it by September 5, 2024.
Fasasi Atanda, National President of AMMBAN, told Nigeria CommunicationsWeek that the action of CAC is tantamount to contempt of court as the case is in court.
“AMMBAN and CAC are in court over this issue of mandatory registration with CAC. We are surprised that CAC lawyer who is a Senior Advocate of Nigeria can be going the part of contempt of court as the court has ordered that the status quo be maintain.
“Our lawyer has notified the court about this development and have written to CAC that their action of threatening to enforce their earlier directive is pre-judicial. We have also notified law enforcement agencies about the implication of adhering to the request of CAC,” he said.
In a statement released last week by the Commission, the CAC said that it is now working closely with law enforcement agencies and other relevant stakeholders to develop and implement a robust enforcement and sanction framework.
This framework, according to the CAC, will not only target the shutdown of non-compliant businesses but could also involve more severe legal actions against defaulters.
The Commission expressed concern over the low level of compliance by POS operators, despite the large number of such businesses operating across the country.
They also commended those operators who adhered to the directive, noting their responsible approach to formalizing their operations.
“We are to make it clear that the Commission is working with Law Enforcement Agencies and other relevant stakeholders to deploy a comprehensive enforcement and sanction framework that may include not only possible shutdown but other severe legal Consequences,”
However, the Commission criticized what it termed “recalcitrant operators,” many of whom have either refused or failed to comply with the registration requirement.
The CAC suggested that some of these operators might be engaging in “unwholesome activities” or have other undisclosed reasons for resisting formalization.
“As the CAC moves towards enforcement, it urges all unregistered POS operators to take immediate steps to formalize their businesses or face the consequences of their inaction,” the statement concluded.
Recall that in May 2024 the CAC announced that PoS agents have been given a deadline of July 7, 2024, to register their business but later extended it to September 5, 2024.
News
Omniverse Africa Unveils Partners as Nigerian Gamers Compete for $1m Prize
Omniverse Africa has disclosed that UEL Esports Inc., Unanimous Games and Game Evolution Esports will be premier partners for the Gaming Center at Omniverse 2025.
![Omniverse Africa Unveils Partners as Nigerian Gamers Compete for $1m Prize](https://www.nigeriacommunicationsweek.com.ng/wp-content/uploads/2024/09/charles-300x133.jpg)
Charles Emembolu, co-convener of Omniverse Africa
This significant partnership will play a crucial role in delivering an exceptional gaming experience, highlighting Omniverse Africa’s dedication to innovation and excellence within the digital and creative ecosystems.
UEL Esports Inc., renowned for its one of a kind, multi genre gaming league, cutting-edge advancement and visionary contributions, will be integral in shaping the Gaming Center, promising an immersive and dynamic environment for all attendees.
Additionally, Game Evolution will serve as the gaming ecosystem and delivery partner for the center, ensuring top-tier experiences and seamless execution.
In a major highlight of this collaboration, an exhilarating gaming tournament will be featured at the Gaming Center.
This tournament, expected to be a central attraction of Omniverse 2025, will offer participants the chance to compete for a staggering prize pool of up to $1 million.
Nigerian gamers will have the opportunity to vie for these substantial rewards and gain invaluable experiences that could propel their gaming careers to new heights.
Charles Emembolu, co-convener of Omniverse Africa, commented: “We are thrilled to partner with UEL Esports Inc., and Game Evolution towards the Omniverse 2025. This collaboration aligns with our vision to create a transformative and engaging gaming environment. We are excited to witness the innovation and talent that will unfold through this partnership.”
Hannatu Musa-Musawa, minister of Arts, Culture, and Creative Economy, stated, “Omniverse Africa has taken a bold step to position Nigeria as a global leader in gaming by launching this major league with partners from Nigeria and USA. The Ministry stands behind this vision, and we look forward to fostering partnerships that will strengthen our creative economy and provide new opportunities for our youth,”
Briant Biggs, CEO of Unanimous Games, USA, added, “This partnership offers an exciting opportunity to inspire and empower gamers globally. Omniverse 2025 is the perfect platform for this mission.”
Titus Walker, CEO of UEL Esports Inc., also stated that’ “Becoming the premier partner for the Gaming Center at Omniverse 2025 is a remarkable opportunity for UEL Esports Inc. We look forward to showcasing our latest innovations and contributing to an exceptional event that will set new standards in the global gaming industry.”
Kunmi Adebimpe, founder of Game Evolution Esports, commented: “As the gaming ecosystem and delivery partner for the Omniverse Africa Gaming Center, Game Evolution is committed to bringing unparalleled experiences to the forefront. We are excited to collaborate with Omniverse Africa, UEL Esports Inc. and Unanimous Games to elevate the gaming experience and provide a platform for gamers to shine, globally.”
Omniverse Africa, Africa’s premium platform for integrating digital and creative ecosystems across the continent, will host its annual summit in Lagos, Nigeria, in February.
The synergy between UEL Esports Inc., Omniverse Africa, Unanimous Games and Game Evolution promises to make Omniverse 2025 an extraordinary event, celebrating talent and innovation in the gaming world.
Stay tuned for more updates on the tournament and how to participate, collaborate, compete or partner. The Omniverse Africa Summit 2025 promises a thrilling experience for gamers and enthusiasts alike.
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